S.Africa remains attractive destination for FDIs: Zuma - CNBC Africa

S.Africa remains attractive destination for FDIs: Zuma

Southern Africa

by Trust Matsilele 0

South Africa's president says his country remains an attractive destination for FDIs. PHOTO: WEF

Addressing a business delegation at the World Economic Forum (WEF) in Davos, Zuma said the country had exceeded its expectations for 2013-2014 year.

(READ MORE: Zuma set to attend WEF Davos 2015)

“Our target to attract foreign direct investments (FDIs) for the year 2013-2014 was 50 billion rand. We have achieved an investment pipeline of 60.5 billion rand of potential investment projects, reflecting both domestic and foreign projects,” he said.

“This indicates that our country remains an attractive destination for investments.”

Zuma added that South Africa remains fully open for business.

“We are inviting both domestic and foreign business partners to invest in the South African economy,” he said.

He also said that South Africa’s quest for inclusive economic growth was designed to help achieve the type of society where everyone has a better life.

“Our message to our people this year is that we should continue working harder to build a country that belongs to all of us. We should build a country without poverty, inequality and unemployment,” Zuma said.

“We have developed the National Development Plan as an instrument to help us achieve these development goals."

(READ MORE: S.Africa to highlight focus on energy at WEF 2015)

Zuma further stated that the country has committed itself to achieving five per cent growth by the year 2019, which is a necessity if the economy is to create much needed jobs.

“We have identified some key job drivers in which we want to attract investments. These include infrastructure development, agriculture, mining and beneficiation, manufacturing, the green economy and tourism,” he said.

“We have added the blue economy in the past year, through our new Operation Phakisa NDP delivery programme, which is aimed at unlocking the potential of our country’s oceans.”

The blue economy offers opportunities in marine transport and manufacturing activities, such as coastal shipping, boat building, repair and refurbishment, offshore oil and gas exploration, aquaculture and marine protection services and ocean governance.